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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Smith paid in $3K to pension fund, could collect $57K in retirement

Money 05

Former state university employee Leola Smith, who retired in September 2016, saved $3,399 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $57,301, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Smith received $1,204 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $3,721 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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